Investors on the Nigerian Exchange Limited (NGX) lost N718.95bn in market value on Wednesday as sell-offs in banking stocks dragged the equities market lower.
The decline followed profit-taking in medium- and large-cap stocks that had recorded recent gains, with FirstHoldco, Guaranty Trust Holding Company (GTCO), Zenith Bank and FCMB among the banking stocks weighing on market performance.
The NGX All-Share Index fell by 1,107.28 points, or 0.44 per cent, to close at 252,882.78 points. Market capitalisation also dropped to N164.19tn.
FirstHoldco led the decliners, shedding 10 per cent, while TrippleG fell 5.51 per cent. E-Tranzact, Royal Exchange and FTG Insurance each lost 4.76 per cent, while Livestock Feeds declined by 4.63 per cent.
Trading activity weakened considerably, with total volume and value falling by 92.28 per cent and 93.68 per cent, respectively.
According to market data from Atlass Portfolio Limited, investors traded approximately 404.11 million shares valued at N27.91bn in 39,012 deals.
United Bank for Africa (UBA) accounted for 9.67 per cent of total traded volume, followed by Access Holdings with 7.72 per cent, Zenith Bank at 7.68 per cent, GTCO at 6.61 per cent and FTG Insurance at 4.11 per cent.
Dangote Cement led transactions by value, accounting for 17.72 per cent of the total value traded on the exchange.
Despite the overall decline, 25 stocks advanced, while 30 recorded losses, leaving market breadth negative.
Sovereign Trust Insurance topped the gainers’ chart with a 10 per cent increase, followed by Austin Laz, which rose 9.21 per cent, and UBA, which gained 6.83 per cent.
Other advancing stocks included CMFC, up 5.71 per cent; University Press, which gained 4.60 per cent; and TIP, which appreciated by 4.52 per cent.
Sectoral performance was largely bearish, with four of the five major sectors closing in negative territory.
The banking sector recorded the steepest decline, falling 2.36 per cent. The industrial goods sector lost 0.31 per cent, while insurance and oil and gas declined by 0.13 per cent and 0.03 per cent, respectively.
Consumer goods was the only sector to close higher, gaining 0.13 per cent.
